1. Small businesses want to raise the minimum wage because it’s better for their business!
a. Boost economic growth
b. would immediately put more money in the pocket of low-wage workers who will then spend the money on things like housing, food and gas
c. Small business owners just think that paying workers more is only fair, and that they shouldn’t have to compete against businesses that pay workers less.
2. it is also possible that it could generate billions of dollars in extra income in the economy and creating 5,800 new jobs
The federal minimum wage raised to 7.25$ an hour in July 29th 2009. This shows that over time, the unemployment rate will follow a pattern of increasing at first, then decreasing. This is because business probably laid people off, or didn’t hire any more due to the minimum wage increase.
If the Dayton - Ohio area raises the minimum wage over $12 dollars an hour then the economy’s unemployment rate will decrease because feeding more money into the economy will cause a demand for services which requires more people to perform those services. (Creating new jobs)
Hello everybody! Today it’s Grace Simons and Amber Walker. We are talking about raising minimum wage! Amber and I feel like if we raise minimum wage over 12$ an hour, then the economy’s unemployment rate will decrease because feeding more money into the economy will cause a demand for services which requires more people to perform those services. Hence, creating new jobs. According to data from bureau of labor statistics, if you raised minimum wage, there is a certain fluctuation. The federal minimum wage raised to 7.25$ an hour on July 29th, 2009. The data shows that only in 6 months the unemployment rate will follow a pattern of increasing at first, then decreasing. This is because businesses laid people off, or didn’t hire any more employees due to the minimum wage increase. Our biggest question was about small business. Do you think all small business owners will get penalized for the increase in minimum wage? Well to answer this question, my partner interviewed Jesy Anderson. A small business owner of Sew Dayton in the Oregon district of Dayton Ohio. Enough of my jibber jabber, lets’ dive right into our exclusive interview with our small business owner.
As you can see, Jesy agrees that raising minimum wage would definitely help her and her business. The inflation is causing higher cost in the simple things like groceries, utilities and higher mortgages/rent. Jesy also stated that raising the minimum wage will contribute to economic stimulus into the economy. There’s a fine line between positive or negative change because all we can do is wait and see what the recession turns into. What we would love to investigate in the next couple years is the rate of inflation we will receive as a nation. And that’s all we have for you guys today! Have a whimsical afternoon folks.